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Derivatives

JPMorgan Announces Internal Reorg

JPMorgan has unveiled a shakeup of senior management and the departures of John Corrie, head of European equities, and Fawzi Kyriakos-Saad, head of European credit and global emerging markets. The reorganization, as first reported by DW (www.derivativesweek.com, 1/27) will see core business lines centered in New York. According to an internal memo from Bill Winters and Steven Black, co-heads of the investment bank, obtained by DW, Don McCree takes on responsibility for global credit, including derivatives and structured products. Patrik Edsparr, who is transferring from New York to London, becomes global head of rates and securitized products, which includes trading and derivatives, fixed income hybrids and exotics. He will also be responsible for proprietary positioning and principal investments. David Puth will run global currencies, commodities and also global emerging markets, and Carlos Hernandez becomes global head of equities, including derivatives, structured investments and equity exotics. Tony Best will run structured derivatives marketing, as well as credit and rates sales for EMEA and investor client management, reporting jointly to Black and Winters.

Winters and Black write in the memo the reorg will support JPMorgan's global expansion in emerging markets, principal investing, energy and securitized products. McCree, Edsparr, Puth and Hernandez will announce their own business structures and management teams in the coming weeks, adds the memo.

Market buzz is that Winters also may move on, either to another role at the firm or externally, and Steven Black, his co-head, has been tipped for promotion. Sarah Oppler, spokeswoman, said the firm does not comment on market rumors.

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